The Federal Public Revenue Administration (AFIP) has repealed General Resolution No. 4.710 of 2020, which had replicated a control procedure on export values, requiring definitive export destinations with declared values below the reference values to be channeled through the Red Value Channel.
With the new General Resolution 5587/2024, published in the Official Gazette this Tuesday (22.10.2024), that is eliminated mechanism for controlling export prices through the use of so-called “precautionary reference values”This decision is part of Decree of Necessity and Urgency No. 70/2023, which aims to reduce barriers to economic development.
The regulation states that, given the instability of international prices and the urgent need to implement modifications that facilitate the fluidity of foreign trade, this procedure for the increases, decreases and modifications of reference values does not fit the dynamics of price variations in the export market. And it maintains that "it is necessary to have an agile and adaptable system."
By repealing Resolution No. 4.710, the official text establishes that The final export destinations will be adjusted to the selectivity channels established by General Resolution No. 1.921/2005 and its amendments, which approved the procedures related to the processing of export destinations.. In addition, the aforementioned destinations They may also be selected to be subject to ex-post value control, based on the procedure established by General Resolution No. 5.002/2021.
This measure is complemented by the recent elimination of the criterion values for imports, which required guarantees from the importers.
The amendment will enter into force on 23th October 2024, the first administrative business day after its publication.
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